Canoo Inc.

Greetings and welcome to the Canoe Third Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kunal Bala, Senior Vice President, Capital Markets, corporate development, and purchasing. Thank you, please go ahead.

Thank you everyone for joining us on our Q3 2023 earnings call. We're excited to be presenting this call from our Oklahoma City facility. During the call, Tony will update you on our business progress. Greg Etheridge, who joined as our CFO in August, having previously served on our board, will provide an introduction and update on sales and financing And finally, Ramesh will go over the Q3 financial results. Please be advised we may make forward-looking statements based on current expectations. These are subject to significant risks and uncertainties, and our actual results may differ materially. For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release and our most recent Form 10Q and 10K, and other reports that we may file with the SEC, including Form 8Ks. All of our statements are made as of today and are based on information currently available to us. Except as required by law, we assume no obligation to update any such statements. During this call, we'll discuss non-GAAP financial measures, You can find the reconciliation of these non-GAAP financial measures to GAAP financial measures in today's earnings release, which can be found on the IR section of our website. Over to you, Tony.

Thanks, Tanal, and welcome, everyone. We live in the most interesting times with an imperative for global innovation, but with macro and micro headwinds compounded by financial crosswinds. especially in certain industries and markets like ours. When our country has fallen behind, while this is daunting at times, this can feel like forever, but it can and will pass based on your creativity, your resolve, and determination to find a way to get your vision and mission to market and then to scale. What is inspiring to me is that it takes just a small group of innovators and hardworking believers who accept nothing other than to find a way to win. What is also inspiring to me, as our country has always done its most impactful work when the world has decided to give us number two or number three or even last place at times, to only see us emerge back in the game and many times on top. To be amongst these great innovators, you must find your own inner resolve to lead and not to follow others, but rather hold the bar so high that at times you even doubt yourself. Because as we have all seen, many people vote against the innovators versus support them. I am blessed and honored to have a group of like-minded people who volunteer every day, do their part and more so that we can accomplish our mission. While times are tough, we are grateful that every day more and more of you are becoming believers in our strategy that we introduced two-plus years ago when we took over the direction and leadership of Canoe. Our vision was bold, not the easiest to understand, and was hyper-focused on different and, as we now know, emerging markets that require unique products, sub-products, and approaches to first meet the needs of our customers in fleet, government, and military, and then onto consumer markets. Some have asked me why. not focus on consumers first. It's simple. If you design your products and service for the most discerning commercial customers who aim to test the bounds of the possible, they will help you find a way to build it into reality through rigorous testing and value-based feedback because their business and mission have a critical dependence on our platform, to perform in volume and under stress. Not only are our fleet customers contracted multi-year volume buyers with bankable credit profiles and are those who demand minimalism with maximum functionality and safety, these partners can help you fast forward generations of continuous improvement, which will ultimately benefit our consumer customers when we increase and expand our delivery to these additional markets. The risk of manufacturing before rigorous testing has been borne out by the best. You run the risk of costly recalls. Because of this, we have never just tested our products to pass a regulatory standard, but rather to live or die by the value validation of our hardworking people of our country and our customers who rely on our product for critical processes. The big bets we have made around the redesign and functionality of our platform are beginning to play out successfully at multiple levels, but we still have things to prove. We have worked nearly three years to get to this point. We have de-risked the business plan, de-risked the technology, and settled legacy matters. And we'll continue blocking and tackling with our characteristic of scrappiness, perseverance, and tenacity. And the discipline and experience we will gain at a time like this is great for Canoe's future DNA. Look, as I mentioned, There have been substantial headwinds for canoe and the whole EV market over the last 12 months. Headwinds will slow down any aircraft, but if engineered properly and if determined, it will complete its mission. Now let me update you on our manufacturing progress in the quarter. We are proud to be a creative and adaptive team. and continue to find innovative ways to acquire long lead, time, capital intensive, and environmentally sensitive items. With the market in distress, the team has opportunistically and accretively added manufacturing assets at reduced prices. We are continuing to grow our presence in Oklahoma, and by the end of Q4 23, target 20 to 25% of our total workforce will be Oklahomans. In our workforce development program with the Cherokee Nation, we began hiring and training employees at our Oklahoma facilities. Yesterday, we reached a key milestone and announced that we would be delivering our first batch of made in Oklahoma electric vehicles to the state of Oklahoma. Office of Management and Enterprise Services, under an agreement to sell up to 1,000 vehicles. Our manufacturing milestones achieved this quarter are, on July 27, we hit a 20,000-unit run rate for our battery modular line installed in Prior, Oklahoma in the Cherokee Nation. July 31, 20,000-unit run rate for our robotics and assembly line for our ladder frame equipment installed at Oklahoma City. August 17, EPA permit granted for our OKC facility. November 10, commissioning of equipment completed on both the ladder frame system in Oklahoma City and the battery module system in Pryor. November 14, today we update the general assembly system is on track to achieve the 20,000 unit run rate for Q1 2024. Listen, we believe it's essential for us to be disciplined when stepping our way into volume manufacturing with the right pace of investment and with our supply chain partners. Now I'd like to have Greg cover sales and capital markets activities, and then after that, it would go to Ramesh.